Cardo AI, a techn platform in asset-based finance and private credit, has completed a significant milestone with its $15m Series A funding round.
The round was co-led by Blackstone Innovations Investments, Blackstone’s early-stage strategic investment branch, alongside FINTOP Capital and JAM FINTOP. Additionally, Andy Horwitz and Kevin MacDonald, who co-founded Black Mountain Systems, contributed to the financing.
The firm operates within the $40 trillion asset-based finance and private credit market, which has traditionally relied on outdated systems, manual procedures, and dispersed data. As the sector evolves with increasingly sophisticated investment strategies, Cardo AI is at the forefront of modernizing these operations.
The platform offers advanced portfolio modeling and collateral data management, enabling efficient investment decision-making and portfolio monitoring for various industry players, including investors, banks, and servicers. It integrates sophisticated software workflows, a robust data engine, and predictive AI algorithms, further aiding servicers, trustees, and fund administrators in enhancing their operational efficiency and reducing costs.
Since its inception in 2018, Cardo AI has swiftly expanded across Europe, supported initially by Fasanara Capital, and has recently made significant inroads into the U.S. market. Over the recent months, Cardo AI has started servicing some of the most sophisticated private credit and asset-based finance investors in the U.S. Notably, Blackstone is utilizing Cardo AI’s technology within its Credit & Insurance operations to facilitate direct lending and asset-based finance transactions.
The funding round’s co-leads, FINTOP Capital and JAM FINTOP, contribute deep operational expertise and a strategic network encompassing nearly 100 regional and community banks. Rick Kushel, who leads the investment for FINTOP Capital, brings over three decades of experience in developing companies like iLevel Solutions and DealCloud.
Altin Kadareja, founder and CEO of Cardo AI, remarked, “Our expansion into the US market, supported by such prestigious institutions, highlights Cardo AI’s ability to deliver powerful technology for the alternative credit industry. We are excited to collaborate with new investors and are confident that our platform will play a significant role in scaling the market and enhancing operational excellence for our clients.”
John Stecher, Chief Technology Officer at Blackstone, noted, “At Blackstone we have seen firsthand the rapid growth in alternative credit. To keep pace, the industry needs to move away from manual, spreadsheet-based processes to embrace scalable technology solutions. Our Credit & Insurance team has been impressed by Cardo AI’s robust portfolio management capabilities for complex instruments.”
Rick Kushel, Managing Partner at FINTOP Capital, added, “We see enormous potential for Cardo AI to transform an industry that has been slow in adopting technological innovation. With decades of experience, their team brings the expertise needed to tackle the challenges this market faces. We are excited to support them in setting the standard in asset-based finance and private credit technology.”
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